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that she took. i listened to her, and i believe that is the kind of leadership to help us continue down this path. >> thank you. senator? >> thank you. thank you for your testimony today mr. secretary. i know the senator asked about reverse mortgages. i am concerned about that issue. i am particularly concerned that $2.80 billion of the $16 billion economic shortfall are related. can you talk a little more about why these losses are so severe? >> here is the fundamental problem, without getting into too much detail. the loans were generally variable rate and allowed the borrower. there is basically no option for them to do anything but draw the full amount. >> why? >> we do not have the statutory authority to be able to make the changes to the program to allow us to limit the draw up front. that is the change we are asking to be made. our alternative, and i was just discussing this, we could basically eliminate or put a moratorium on our regular program, which is somewhat safer. the problem is we do not have that authority under that program to avoid the full-draw feature of it. the rig
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